The Reserve Bank of India, in exercise of the powers conferred on it under Section 45-IA of the Reserve Bank of India Act, 1934, has rejected on February 23, 2000, the application for Certificate of Registration submitted by M/s. Sai Saran Leasing Ltd., Door No.6-64/I, Chaitanya Nagar, Gajuwaka, Visakhapatnam, Hyderabad.

As such, the company cannot transact the business of a Non-Banking Financial Institution, as defined in Clause (a) of Section 45-IA of the RBI Act, 1934.